Grand Rapids portfolio lenders?

Question

Anyone have any investor friendly portfolio lenders in the Grand Rapids area?

Or any investor friendly local banks you like to work with?

Thanks!

Tram Ambers · Answer

On the  icba.org site it allows you to do a search for community banks nationwide.

John Pelaez · Answer

Lake Michigan Credit Union is  a Portfolio Lender.

Joshua Woolls · Answer

Not really Grand Rapids, but I am in the Detroit Metro and have been working with Monroe Bank and Trust. Have had a great experience. We have 4 properties we own free and clear and we are looking to pull some equity out for investing purposes. We were able to pull out 60% and are getting a pretty solid rate. By far the best and easiest I have found.

Tim VandenToorn · Answer

Jason,

Here is my suggestion for a banker:  Steve Sanchez.  I do not have a portfolio lender off hand but I have connected with a few.  I will keep my eyes open.

Jason Carter · Answer

Cool! I did not know that. Thanks @Tram Ambers! I'll check it out.

Jason Carter · Answer

@Justin Workman Thanks! I'm not local but I'm in the process of building my presentation for banks and then will be reaching out. I mainly want to know of refi options after a potential purchase.

@Tim VandenToorn  Thanks again Tim. Good talking with you yesterday and I look forward to talking more soon.

Justin Workman · Answer

It looks like your not from the area, but if you are in GR go to some of the small local banks or credit unions.  They are more likely to hold the mortgages and bend on some of the requirements.  It helps if your local and bank with them, but you will meet with a person that evaluates the loan, and it doesn't have to fit all the criteria for the larger corporations.  There are company's out there that do just portfolio lending but at best your going to pay 8%.  Good luck

Grand Rapids portfolio lenders?

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